Mathias Cormann demands undertaking on superannuation taxes
The Federal Opposition has called on the Minister for Financial Services and Superannuation, Bill Shorten, to give an undertaking that the Government will not impose further tax increases affecting superannuation out of its roundtable process.
The Shadow Assistant Treasurer and Opposition spokesman on financial services, Senator Mathias Cormann, said Shorten needed to "emphatically reject the most recent push by his friends in the union movement to use the next budget to increase taxes on people's superannuation".
The Opposition spokesman said the minister needed to give a reassurance that the forthcoming Superannuation Roundtable was not part of an agenda to increase tax on superannuation savings.
Cormann claimed the ALP had already dramatically increased taxes on superannuation since coming to office by cutting concession superannuation contribution caps from $50,000 and $100,000 down to $25,000.
He claimed the Government's changes to the superannuation co-contributions regime had also inhibited Australians from appropriately saving for their retirement.
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
